On the Line: Medicis Pharmaceutical CEO Jonah Shacknai
Cramer knows as well as anyone that the wheels of capitalism are turned by the desire for wrinkle-free skin. That means there’s hope for a company like Medicis Pharmaceutical , even though Cramer wasn’t exactly thrilled with the latest quarter.
It doesn’t look like analysts were happy, either, because they didn’t raise estimates after the report. Chairman and CEO Jonah Shacknai says the company doesn’t have any control over who raises numbers, but it did raise its guidance.
“We think we put in a pretty good quarter,” Shacknai says, which was led by the strength of some of the company’s key drugs like Solodyn, Ziana and Restylane.
Shacknai is quick to point out that companies like Credit Suisse that claim MRX didn’t hit sales projections for Solodyn are off the mark, especially because the company doesn’t release numbers specific enough for analysts to know what’s going on with the brand. “So I wouldn’t take too much credence from what any investment bank or analyst thinks because they just don’t know. They’re extrapolating off of very gross information,” Shacknai says, adding that he is happy with the way things are going for his company. “Solodyn has a tremendous amount of growth. It’s already the fastest launch in the history of dermatology,” he says.
Cramer’s looking forward to the launch of Perlane, a sister product to Restylane, which is an injectable gel for the treatment of facial wrinkles and folds. Shacknai says its done great business in every other market in the world, and now that it’s been approved by the Food and Drug Administration for use in the U.S., it should here as well.
“I’m still a believer,” Cramer says, even though the analyst are not – “I think the analysts are going to be wrong.”
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